Novare Capital Management LLC Sells 4,961 Shares of BNY $BK

Novare Capital Management LLC reduced its holdings in shares of BNY (NYSE:BK) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 142,617 shares of the bank’s stock after selling 4,961 shares during the quarter. BNY accounts for 1.2% of Novare Capital Management LLC’s portfolio, making the stock its 23rd biggest holding. Novare Capital Management LLC’s holdings in BNY were worth $16,556,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BK. Ashton Thomas Private Wealth LLC grew its position in shares of BNY by 133.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock worth $9,998,000 after purchasing an additional 52,412 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of BNY by 35.1% during the third quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock worth $3,487,000 after purchasing an additional 8,277 shares in the last quarter. First National Advisers LLC bought a new position in BNY during the third quarter valued at approximately $3,304,000. National Pension Service boosted its stake in BNY by 3.1% during the third quarter. National Pension Service now owns 2,053,278 shares of the bank’s stock valued at $223,725,000 after buying an additional 61,718 shares during the last quarter. Finally, First National Bank of Omaha bought a new position in BNY during the third quarter valued at approximately $3,044,000. 85.31% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Alejandro Perez sold 12,504 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the completion of the sale, the executive vice president directly owned 62,613 shares of the company’s stock, valued at approximately $8,578,607.13. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president directly owned 50,238 shares of the company’s stock, valued at $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,091 shares of company stock valued at $6,568,423 in the last three months. Corporate insiders own 0.17% of the company’s stock.

BNY Stock Down 0.8%

Shares of BK opened at $134.89 on Friday. The company has a market cap of $92.84 billion, a PE ratio of 16.72, a P/E/G ratio of 0.99 and a beta of 1.08. The business has a fifty day moving average of $125.55 and a 200 day moving average of $119.35. BNY has a 52-week low of $87.41 and a 52-week high of $139.15. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82.

BNY (NYSE:BK) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. BNY had a return on equity of 15.29% and a net margin of 14.60%.BNY’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $1.58 earnings per share. On average, sell-side analysts expect that BNY will post 8.78 EPS for the current year.

BNY Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.6%. BNY’s dividend payout ratio (DPR) is currently 26.27%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research reports. Citigroup initiated coverage on BNY in a research note on Monday, February 23rd. They set a “neutral” rating for the company. Truist Financial increased their price target on BNY from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Barclays increased their price target on BNY from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Royal Bank Of Canada increased their price target on BNY from $130.00 to $142.00 and gave the company a “sector perform” rating in a research note on Friday, April 17th. Finally, Weiss Ratings raised BNY from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $138.08.

About BNY

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.